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Turnstone Resources Ltd (ASX:TSR)

ALERT: Price-sensitive ASX Announcement for TSR
Current share price for TSR : $0.023 0.007 (43.75%)+
Announcement
Release
28 Oct 2026 11:31AM
Price at Release
$0.016
Full Release
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Summary
Turnstone Resources Ltd’s September 2026 Quarterly Activities and Appendix 5B Cash Flow Report outlines progress in its critical minerals and potash strategy for the quarter ended 30 September 2026, with the main operational focus on Sweden where high-resolution drone magnetic surveys were completed across the Glava, Torsby West and Klinten copper-gold projects in the Värmland belt, covering about 100km2 over roughly 670 line kilometres at 25m spacing, on time and within budget, to support target generation and guide a formal decision on whether to proceed to drilling or targeted electromagnetic surveys after geological mapping and data integration; the company also reported progress on transferring all seven Swedish licences to Turnstone, including ISP approval for the Glava 100 transfer and expected Mining Inspectorate approvals in the December 2026 quarter, while in Germany it began a strategic options review for its potash assets, including possible separation or new investment pathways for the Ohmgebirge Potash Project, which retains an Ore Reserve of 83.1Mt at 12.6% K2O and a Mineral Resource of 286Mt at 13.1% K2O, and extended exclusivity to 31 December 2027 for negotiations over the neighbouring Sollstedt mine property; corporately, Richard Pearce was appointed Non-Executive Chair, Len Jubber stepped down as Managing Director and CEO and will become Board Advisor, Potash Strategy, and the company secured firm commitments for a A$1.1 million placement at A$0.02 per share, with A$835,000 completed in Tranche 1 during September and the remainder approved in October; the Appendix 5B shows cash at quarter end of A$557,000, net operating cash outflow of A$655,000, investing outflow of A$15,000, financing inflow of A$773,000, exploration and evaluation expenditure of A$153,000, related-party payments of A$127,000, no loan facilities drawn, estimated funding of 0.85 quarters at the current burn rate, and disclosure of deferred German trade payables of about A$775,390 to Ercosplan, repayable through to 31 December 2031 with 5% annual interest and secured over the Ebeleben mining lease.
Key Points
  • ASX announcement date was 28 October 2026 for the September 2026 Quarterly Report and Appendix 5B.
  • Turnstone completed high-resolution drone magnetic surveys across the Glava, Torsby West and Klinten projects in Sweden.
  • The surveys covered about 100km2 of the Värmland copper-gold belt over approximately 670 line kilometres at 25m spacing.
  • The magnetic data will be combined with geological mapping and existing geochemistry to determine whether to advance to drilling or targeted electromagnetic surveys.
  • All seven Swedish licences were still held on trust for Turnstone by McKnight Resources AB, with transfer applications lodged and expected in the December 2026 quarter.
  • ISP approval was received in July 2026 for the Glava 100 licence transfer.
  • Turnstone continued building its Critical Minerals Strategy while assessing additional critical minerals opportunities.
  • The company commenced a strategic options review for its German potash assets to maximise shareholder value.
  • Strategic options for the potash assets include a potential separation into a new structure or bringing in a new investor or joint venture partner.
  • The Ohmgebirge Potash Project was reported as holding an Ore Reserve of 83.1Mt at 12.6% K2O and a Mineral Resource of 286Mt at 13.1% K2O.
  • Exclusivity with Deusa for negotiating the future purchase of the neighbouring Sollstedt mine property was extended to 31 December 2027.
  • Richard Pearce was appointed Non-Executive Chair during the quarter.
  • Len Jubber stepped down as Managing Director and Chief Executive Officer effective 22 September 2026 and will serve as Board Advisor, Potash Strategy from 1 November 2026.
  • Turnstone received firm commitments to raise A$1.1 million at A$0.02 per share.
  • Tranche 1 of the placement raised A$835,000 in September 2026 and Tranche 2 of A$265,000 was subject to shareholder approval and received in October 2026.
  • Cash at 30 September 2026 was A$557,483, excluding the A$265,000 Tranche 2 proceeds received after quarter end.
  • Appendix 5B reported net cash used in operating activities of A$655,000 for the quarter.
  • Exploration and evaluation expenditure for the quarter was A$152,885, mainly for Swedish drone magnetic surveys and permitting work.
  • Related-party payments during the quarter totalled A$127,171 for directors’ fees and salary.
  • The company disclosed estimated funding of 0.85 quarters based on current relevant outgoings and stated it expected lower corporate costs and believed it could raise further funds if needed.
  • Trade payables included €474,911 owed by the German subsidiary to Ercosplan, deferred to 31 December 2031 with 5% annual interest and secured by a first ranking mortgage over the Ebeleben mining lease.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.